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Orbis Exchange Group is a relatively new player in the forex brokerage arena, having been established in 2018. The broker claims to specialize in assisting corporates and institutions in managing their foreign exchange exposure, allowing clients to convert over 100 currency pairs and settle major currencies on the same day. However, the overall reception of Orbis Exchange Group is mixed, with significant concerns regarding its regulatory status and user experience.
Note: It is essential to recognize that Orbis Exchange Group operates under different entities across regions, which may impact user experience and regulatory compliance. The information presented here is compiled from various reputable sources to ensure fairness and accuracy.
Category | Score (out of 10) |
---|---|
Account Conditions | 3 |
Tools and Resources | 4 |
Customer Service and Support | 2 |
Trading Setup (Experience) | 4 |
Trustworthiness | 1 |
User Experience | 3 |
We evaluate brokers based on user feedback, expert opinions, and factual data from credible sources.
Orbis Exchange Group is based in the United Kingdom and operates without any valid regulatory licenses, which raises concerns among potential users. The broker primarily offers services in currency exchange and international payments, facilitating access to over 50 currency pairs. Unlike many brokers, Orbis Exchange Group does not provide access to popular trading platforms like MT4 or MT5, which could deter traders accustomed to these systems. The absence of a robust regulatory framework makes it difficult to assess the safety of funds deposited with the broker.
Orbis Exchange Group does not hold any licenses from major financial authorities, which is a significant red flag. According to multiple sources, including WikiFX, the broker has been assigned a very low trust score of 1.03 out of 10 due to its unregulated status. The lack of a regulatory framework means that clients may have limited protection in case of disputes or issues with fund withdrawals.
The broker's website does not provide clear information regarding the currencies accepted for deposits and withdrawals. This lack of transparency can be frustrating for potential clients who seek clarity on how they can fund their accounts. Furthermore, there is no mention of any minimum deposit requirement, which might appeal to some traders but also raises questions about the broker's credibility.
Orbis Exchange Group offers a limited range of trading instruments, focusing mainly on forex pairs. The absence of CFDs and commodities may hinder diversification for traders looking for a broader investment portfolio. The sources indicate that the broker claims not to add any fees, allowing clients to pay the agreed quote directly; however, the lack of clarity around spreads and commissions could lead to unexpected costs.
While specific leverage details are not provided, some reviews mention that Orbis Exchange Group offers leverage up to 1:500, which is higher than what many regulated brokers offer. However, this high leverage can be risky, especially for inexperienced traders. The broker does not support popular trading platforms like MT4 or MT5, which could limit the trading experience for many users accustomed to these tools.
Customer support appears to be a significant weakness for Orbis Exchange Group. Reviews indicate that there is no online customer support available, which can be a major drawback for traders needing immediate assistance. The only contact methods available are through phone and email, which may not be sufficient for a broker operating in a fast-paced trading environment.
User feedback on Orbis Exchange Group is generally negative. Many traders express concerns about the lack of regulatory oversight and the clarity of information provided on the broker's website. According to PediaFX, the broker is not recommended for traders due to its unregulated status and the potential risks involved. The absence of a robust customer support system further exacerbates these concerns, leading to an overall poor user experience.
In conclusion, the Orbis Exchange Group review reveals a brokerage that, while offering some appealing features such as a wide range of currency pairs and high leverage, is ultimately hampered by its lack of regulation and transparency. Prospective clients should exercise caution and consider the risks before engaging with this broker.